RBZ pumps $45m into banks

ZIMBABWE'S Reserve Bank has pumped nearly $45 million into the banking system to ease cash shortages and fight off parallel market rates.

John Mangudya's institution injected $20 million and another $25 million this week, enabling a few banks to start disbursing hard currency amounts of $200 to $300.

"We have secured facilities for critical imports and for banks to serve their individual clients," he said, adding another tranche was expected next week.

Meanwhile, Mangudya has slammed reports that the Zimbabwean central bank was introducing a new currency on August 30.

"The RBZ would like to … dismiss … the fake article being circulated on social media regarding the introduction of a new currency. The country shall continue to use the multicurrency system as evidenced by the continuous significant disbursement of foreign currency cash in the market," he said.

"Such counter-productive messages are being done with bad intentions to destabilise the economy as they cause alarm and despondency." - fingaz